IRVING, Texas, April 25 /PRNewswire/ -- The following was issued today by
Exxon Mobil Corporation (NYSE: XOM):
First Quarter
2000 1999
Net Income
$ Millions 3,480 1,484
$ Per Common Share
Assuming Dilution 0.99 0.42
Earnings Excluding
Merger Effects/Special Items
$ Millions 3,350 1,611
$ Per Common Share
Assuming Dilution 0.95 0.46
Revenue - $ Millions 55,081 38,682
Capital & Exploration
Expenditures - $ Millions 2,224 3,354
Exxon Mobil Corporation today reported record quarterly results.
Excluding merger effects and special items, first quarter 2000 earnings of
$3,350 million ($0.95 per share) increased $1,739 million (108%) from the
first quarter of last year. Including net favorable merger effects of
$130 million, net income of $3,480 million ($0.99 per share) increased
$1,996 million (135%).
Revenue for the first quarter of 2000 totaled $55,081 million compared
with $38,682 million in 1999. Capital and exploration expenditures of
$2,224 million in the first quarter of 2000 compared with $3,354 million in
the prior year's quarter.
ExxonMobil's Chairman Lee R. Raymond commented as follows:
"ExxonMobil's first full quarter of combined operations produced record
results. First quarter 2000 earnings of $3,350 million excluding merger
expenses and gains on regulatory divestitures were up $1,739 million or 108%
from the prior year, and represented a quarterly record. Net income was up
$1,996 million or 135% to $3,480 million, also a quarterly record. Upstream
earnings were $2.8 billion and represented a second consecutive record
quarter. Upstream results benefited from higher crude oil prices, which were
up over $15 per barrel from the first quarter of 1999. Production, on an oil
equivalent basis, was up 3%, mainly reflecting higher natural gas volumes in
most geographic areas. Higher natural gas prices also contributed to improved
upstream earnings.
"Downstream earnings were lower than last year, reflecting the inability
to raise product prices in line with rising crude costs. Weaker margins in
most markets were partly offset by lower turnaround costs and lower operating
expenses. As crude oil prices declined near the end of the first quarter,
downstream margins improved sharply. This favorable trend has continued into
the second quarter.
"Chemicals earnings improved from the prior year as a result of record
first quarter sales volumes and improved commodity prices which more than
offset the impact of rising feedstock costs. Earnings from other operations
also improved due to higher copper prices and volumes.
"First quarter results also included a net after tax gain of $455 million
from asset divestments that were required as a condition of regulatory
approval of the merger. First quarter transactions included the sale of some
U.S. marketing assets, the sale of Mobil's interest in the European fuels
joint venture with British Petroleum and the sale of Mobil's interest in the
German joint marketing venture Aral. The net gain from these sales exceeded
first quarter merger implementation expenses of $325 million after tax
($530 million before tax). First quarter merger expenses included charges for
an additional 2,200 employee separations, including 1,100 employees in the
U.S. Additional severance and implementation expenses will be recognized
during 2000 as the merger implementation program progresses. Merger synergy
initiatives are on track and the rate of benefit capture is expected to
increase as the year progresses.
"During the quarter, ExxonMobil continued its active investment program,
spending $2.2 billion on capital and exploration projects. Spending was
below last year's level due to the completion of several major projects, but
is expected to ramp up over the remainder of the year."
Additional comments on earnings for the major operating segments follow:
First Quarter 2000 vs. First Quarter 1999
Upstream earnings benefited from rising crude oil prices, that averaged
over $15 per barrel more than the first quarter of 1999. Worldwide average
natural gas realizations were about 27% higher. Lower exploration expenses
also benefited upstream results.
Liquids production increased 22 kbd (thousands of barrels per day) or 1%
to 2,562 kbd, reflecting a first full quarter of production from the Balder
and Jotun developments in Norway and the Cerro Negro development in Venezuela
and increased production from eastern Canada. These increases more than
offset the effects of natural field declines and lower entitlements in other
areas. First quarter natural gas production of 12,185 mcfd (millions of cubic
feet per day) was up 669 mcfd or 6% from the prior year, due to higher
production in North America, Europe, Malaysia and Qatar, partly offset by
lower Indonesian volumes.
Earnings from U.S. upstream operations were $880 million, an increase of
$721 million from the prior year. Outside the U.S., upstream earnings were
$1,874 million, an increase of $1,241 million from the first quarter of 1999.
Downstream earnings declined as petroleum product prices were not able to
keep up with the increase in crude costs during the quarter. Downstream
results were also adversely affected by unfavorable foreign exchange effects.
These effects were partly offset by lower turnaround costs and lower operating
expenses. Petroleum product sales were 7,803 kbd compared to 8,974 kbd in the
prior year's first quarter. The reduction was mainly due to the regulatory
divestiture of Mobil's European fuels joint venture and lower supply sales in
Asia-Pacific as a result of the low margin environment.
U.S. downstream earnings were $182 million, up $120 million from the prior
year as the result of lower turnaround impacts, improved operating performance
and lower operating expenses. Outside of the U.S., lower margins and
unfavorable foreign exchange effects reduced downstream earnings to
$187 million, a decrease of $288 million from 1999, after excluding last
year's Japanese restructuring charge.
Chemicals earnings were $320 million compared with $311 million in the
same quarter a year ago. Margins improved slightly as increased product
prices were offset by higher feedstock costs. Prime product sales volumes of
6,441 kt (thousands of metric tons) were 565 kt or 10% higher than the same
period a year ago. These benefits were partly reduced by unfavorable foreign
exchange effects.
Earnings from other operations, including coal, minerals and power,
totaled $119 million, compared with $97 million in the first quarter of 1999.
Earnings improved on higher copper prices and volumes, partly offset by lower
coal prices.
Corporate and financing expenses of $212 million compared with
$126 million in the first quarter of 1999. Higher interest rates and lower
tax-related benefits drove the increase. During the period, the company's
operating segments continued to benefit from the impact of lower effective tax
rates and the favorable resolution of tax-related issues.
First quarter net income included gains on regulatory asset divestments of
$455 million, offset by $325 million of merger expenses, including
implementation expenses and employee separations. In the first quarter of
2000, 2,200 employees were separated, including 1,100 in the U.S.
Prior to the merger, the corporation purchased shares of its common stock
for the treasury to offset shares issued in conjunction with company benefit
plans and programs. Consistent with pooling accounting requirements, this
repurchase program was suspended effective with the close of the ExxonMobil
merger on November 30, 1999.
Estimates of key financial and operating data follow. Financial data,
except per share amounts, are expressed in millions of dollars.
EXXON MOBIL CORPORATION
FIRST QUARTER 2000
$ MILLIONS
First Quarter
2000 1999
FUNCTIONAL EARNINGS
Petroleum and natural gas
Exploration and production
United States 880 159
Non-U.S. 1,874 633
Refining and marketing
United States 182 62
Non-U.S. 187 355
Total petroleum and natural gas $3,123 $1,209
Chemicals
United States 181 140
Non-U.S. 139 171
Other operations 119 97
Corporate and financing (212) (126)
Merger expenses (325) (7)
Regulatory divestitures 455 0
Net income $3,480 $1,484
Net income per common share $1.00 $0.42
Net income per common share
- assuming dilution $0.99 $0.42
OTHER FINANCIAL DATA
Total revenue $55,081 $38,682
Dividends paid on common stock
Total $1,531 $1,441
Per common share $0.44 $0.42
Millions of common shares outstanding
At March 31 3,481 3,460
Average 3,478 3,449
Average - assuming dilution 3,522 3,516
Shareholders' equity at March 31 $64,605 $61,277
Capital employed at March 31 $85,224 $83,056
Income and other taxes
Income taxes 2,790 193
Excise taxes 5,493 4,878
All other taxes 8,399 8,699
Total taxes $16,682 $13,770
ExxonMobil's share of income taxes
of equity companies: $170 $128
EXXON MOBIL CORPORATION
FIRST QUARTER 2000
MERGER EFFECTS/SPECIAL ITEMS NOTED IN PRESS RELEASE
$ MILLIONS
First Quarter
2000 1999
Refining & marketing
Non-U.S. 0 (120)
Merger expenses (325) (7)
Regulatory divestitures 455 0
Total included in net income $130 $(127)
EXXON MOBIL CORPORATION
FIRST QUARTER 2000
EARNINGS EXCLUDING MERGER EFFECTS/SPECIAL ITEMS
$ MILLIONS
First Quarter
2000 1999
FUNCTIONAL EARNINGS
Petroleum and natural gas
Exploration and production
United States 880 159
Non-U.S. 1,874 633
Refining and marketing
United States 182 62
Non-U.S. 187 475
Total petroleum and natural gas $3,123 $1,329
Chemicals
United States 181 140
Non-U.S. 139 171
Other operations 119 97
Corporate and financing (212) (126)
Total $3,350 $1,611
Earnings per common share $0.96 $0.46
Earnings per common share
- assuming dilution $0.95 $0.46
EXXON MOBIL CORPORATION
FIRST QUARTER 2000
First Quarter
2000 1999
Net production of crude oil
and natural gas liquids,
thousands of barrels daily (kbd)
United States 725 753
Canada 300 300
Europe 739 658
Asia-Pacific 267 314
Africa 317 322
Other Non-U.S. 214 193
Worldwide 2,562 2,540
Natural gas production available for sale,
millions of cubic feet daily (mcfd)
United States 3,015 2,882
Canada 763 659
Europe 6,147 5,824
Asia-Pacific 1,856 1,895
Other Non-U.S. 404 256
Worldwide 12,185 11,516
Petroleum product sales (kbd)
United States 2,654 2,822
Canada 579 575
Europe 2,078 2,614
Asia-Pacific 1,591 1,999
Other Non-U.S. 901 964
Worldwide 7,803 8,974
Gasolines, naphthas 3,004 3,299
Heating oils, kerosene, diesel 2,436 2,874
Aviation fuels 731 808
Heavy fuels 658 732
Specialty products 974 1,261
Total 7,803 8,974
EXXON MOBIL CORPORATION
FIRST QUARTER 2000
First Quarter
2000 1999
Refinery throughput (kbd)
United States 1,824 1,811
Canada 457 449
Europe 1,554 1,801
Asia-Pacific 1,445 1,709
Other Non-U.S. 253 298
Worldwide 5,533 6,068
Chemicals product revenue
($ millions)
United States 2,312 1,503
Non-U.S. 2,540 1,800
Worldwide $4,852 $3,303
Chemicals prime product sales,
thousands of metric tons (kt)
United States 3,034 2,915
Non-U.S. 3,407 2,961
Worldwide 6,441 5,876
EXXON MOBIL CORPORATION
FIRST QUARTER 2000
$ MILLIONS
First Quarter
2000 1999
Capital and Exploration Expenditures
Exploration and production
United States 363 416
Non-U.S. 1,081 1,851
Total 1,444 2,267
Refining and marketing
United States 197 198
Non-U.S. 191 239
Total 388 437
Chemicals, other operations, and administrative
United States 106 188
Non-U.S. 286 462
Total 392 650
Worldwide $2,224 $3,354
Exploration expenses charged to income
included above
Consolidated affiliates
United States 59 50
Non-U.S. 157 194
Equity companies - ExxonMobil share
Non-U.S. 4 20
Worldwide $220 $264
EXXON MOBIL CORPORATION
NET INCOME
$ Millions Per Common Share
1997 - First Quarter 3,001 0.84
- Second Quarter 2,815 0.80
- Third Quarter 2,712 0.77
- Fourth Quarter 3,204 0.91
Year $11,732 $3.32
1998 - First Quarter 2,525 0.72
- Second Quarter 2,262 0.65
- Third Quarter 1,909 0.55
- Fourth Quarter 1,378 0.39
Year $8,074 $2.31
1999 - First Quarter 1,484 0.42
- Second Quarter 1,954 0.57
- Third Quarter 2,188 0.63
- Fourth Quarter 2,284 0.66
Year $7,910 $2.28
2000 - First Quarter 3,480 1.00
SOURCE Exxon Mobil Corporation
 back to top
Related links:
http://www.exxon.mobil.com
Company News On-Call:
http://www.prnewswire.com/comp/143842.html or fax,
800-758-5804, ext. 143842
CONTACT:
Dave Dickson of Exxon Mobil Corporation,
972-444-1108
|
